By Reporter Lee jon young

The Economic Development Cooperation Fund (EDCF) announced on July 20 that it held an "invitation meeting for African ambassadors to Korea."

The EDCF is an economic aid fund for new developing countries established by the Korean government in 1987 to promote economic exchanges with Korea. It supports industrial development and economic stability in developing countries by providing long-term, low-interest loans. 

The meeting was organized to strengthen economic cooperation with Africa, which has emerged as a large single market with about 1.3 billion people with the launch of the African Continental Free Trade Agreement (AfCFTA).

"EDCF has supported the development of Africa's transportation, energy, and health infrastructure through 104 projects worth $6 billion in 19 African countries," said Kim Sung-wook, an international economic director of the Ministry of Strategy and Finance.

Ahead of the 7th KOAFEC ministerial-level meeting to be held in Busan for three nights and four days from September 12, he also called for the attention and cooperation of the African ambassadors to Korea.

It is a Korea-Africa ministerial-level economic cooperation meeting between South Korea and Africa to share Korea's economic development experience, revitalize exchanges between companies, and discuss policy directions related to economic cooperation. It has been held every other year since 2006.

The KOAFEC Ministerial Meeting, which was suspended due to the COVID-19 pandemic, will be held for the first time in five years under the theme of "Inclusion of a Sustainable Future: Africa's Just Energy Transformation and Agricultural Innovation."

"As this year marks Korea's 40th anniversary of joining the African Development Bank (AfDB), this KOAFEC meeting will be a good opportunity to look back on the current status of economic cooperation between Korea and Africa and discuss future directions," Kim said.

"For successful development cooperation, 'customized finance' should be provided according to each country's situation," said Kim Tae-soo, executive director of Korea Eximbank at the same meeting. "Korea Eximbank is providing customized financial packages through EDCF and EDPF."